Download Strategic Marketing

STRATEGIC MARKETING
The Need of the Hour.
Strategic Planning
• …is the managerial process of developing and
maintaining a strategic fit between the
organization's objectives and resources and its
changing market opportunities.
Org Objectives
Strategic Fit
Changing Environment
Resources
The Role of Strategy
Strategy:
Corporate
Mission &
Objectives
•Corporate
•Business
•Functional
•Marketing
•Vendor Dvlpmt.
Operating
Plans
Sun Tzu on Strategy
“Know your enemy, know yourself, and
your victory will not be threatened.
Know the terrain, know the weather, and
your victory will be complete.”
Strategic Marketing
“Marketing Strategy is a series of
integrated actions leading to a
Sustainable Competitive
Advantage.”
John Scully
The Role of Strategy
Strategy:
Corporate
Mission &
Objectives
•Corporate
•Business
•Functional
•Marketing
•Vendor Dvlpmt.
•Competition
•Environmental
Factors
•Industry
Growth
•Future Growth
•Etc.
Operating
Plans
Strategic Marketing
• Strategic Marketing requires
–Detailed understanding of market needs,
and
–Proactive use of competitive intelligence
at the corporate as well as SBU levels
• Strategic Marketing
–Focuses on what the firm does best.
–To secure and maintain a sustainable
competitive advantage
What is Competitive Advantage?
• “Competitive advantage is a company’s
ability to perform in one or more ways
that competitors cannot or will not
match.”
Philip Kotler
• “If you don’t have a competitive
advantage, don’t compete.”
Jack Welch, GE
Other Characteristics of Competitive
Advantage
• Substantiality
– Is it substantial enough to make a difference?
• Sustainability
– Can it be neutralized by competitors quickly?
• Ability to be leveraged into visible business
attributes that will influence customers
(Source: Strategic Marketing Management, Aakers)
Seeking Competitive Advantages
• Positions of advantage
– Superior customer value (perceived)
– Lower relative total cost
• Performance advantages
– Customer satisfaction, Loyalty, Market Share,
Profit
• Sources of advantages
– Superior skills & knowledge, Superior
resources, Superior business process
Developing Strategic Marketing plans
• Research customer attitudes toward your
company, your product category, and your
competition.
• Evaluate the attractiveness of potential target
markets
• Determine the competitive strengths and
weaknesses of your company and your
competitors
• Develop marketing communications and sales
development strategies for each target market
• Design the metrics to measure performance
• Based on the overall Strategic Marketing
Strategy, we need to develop strategies to
convert, attract, increase, retain and reconvert
customers leading to increased sales, market
share and profits.
Without a Strategic Marketing Plan a
company could waste resources or miss
an opportunity.
Thank you.